Prices for palm oil were once again the main driver of growth of vegetable oil markets

2020-08-20 12:38:50
Machine translation
Prices for palm oil were once again the main driver of growth of vegetable oil markets

Futures on palm oil exchange in Malaysia yesterday grew up on the rumors about the intentions of Indonesia to increase the export duty on palm oil to support programs for the production of biodiesel and rose another 1% to 2737 Ringgits/t or 656,4 $/t. This greatly supported the markets of other vegetable oils, particularly soybean oil in the United States.

 

price Growth driven by strong demand from China and yesterday's price hike on the Chinese Dalian exchange futures soybean oil 0.9% and palm – 1.5%, and the strengthening of the Malaysian currency against the dollar to its highest level since March, reducing the competitiveness Melissa palm oil.

 

December futures for soybean oil on the stock exchange in Chicago after updating 8-month high yesterday, has dropped to 698 $/t amid predictions of increasing domestic consumption in the United States.

 

From today's report on the palm oil exports from Malaysia during the period 1-20 August, traders expect a decrease of performance in comparison with July by 15%, which amid growing production will put pressure on prices.

 

According AgriCensus, the prices of Argentine soybean oil dropped to the $7/ton to 727 $/t FOB under the pressure of declining demand from India for too high prices. After them the prices for us soybean oil dropped to 725,75 $/t FOB Up River.

 

bid Prices of Ukrainian sunflower oil is gradually increasing. The most expensive offers of supply in October-November, prices of which reached 670-680 $/t FOB, which is close to the August us $800/t FOB. The bid price is much lower, because customers expect the seasonal decline in prices.

 

Experts Profarm on Friday will announce the results of the crop tour, in particular the forecast of the soybean crop in the U.S., which probably will confirm the August USDA forecast will become a significant factor of pressure on prices of soybean complex increased after the hurricane of August 10 in Iowa and surrounding States.

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